Elutia Inc. (NASDAQ:ELUT) Sees Significant Decrease in Short Interest

Elutia Inc. (NASDAQ:ELUT) was the target of a significant decrease in short interest during the month of May. As of May 29th, there was short interest totaling 42,627 shares, a decrease of 69.9% from the May 14th total of 141,552 shares. Based on an average trading volume of 104,439 shares, the short-interest ratio is currently 0.4 days. Currently, 0.1% of the company’s shares are sold short.

Hedge Funds Weigh In On Elutia

A number of institutional investors and hedge funds have recently modified their holdings of the business. AIGH Capital Management LLC boosted its holdings in shares of Elutia by 17.2% during the 1st quarter. AIGH Capital Management LLC now owns 3,595,250 shares of the company’s stock worth $3,775,000 after buying an additional 527,065 shares in the last quarter. Knollwood Investment Advisory LLC boosted its holdings in shares of Elutia by 147.8% during the 4th quarter. Knollwood Investment Advisory LLC now owns 2,556,724 shares of the company’s stock worth $1,771,000 after buying an additional 1,525,157 shares in the last quarter. Deerfield Management Company L.P. bought a new position in shares of Elutia during the 3rd quarter worth approximately $1,221,000. Rossmore Private Capital boosted its holdings in shares of Elutia by 140.0% during the 1st quarter. Rossmore Private Capital now owns 120,000 shares of the company’s stock worth $126,000 after buying an additional 70,000 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Elutia during the 4th quarter worth approximately $71,000. 74.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ELUT. Wall Street Zen upgraded Elutia from a “sell” rating to a “hold” rating in a report on Sunday, March 22nd. Weiss Ratings upgraded Elutia from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, April 10th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Elutia has a consensus rating of “Moderate Buy” and a consensus target price of $6.00.

Elutia Stock Performance

Shares of Elutia stock traded up $0.00 on Friday, reaching $0.96. 79,480 shares of the company’s stock were exchanged, compared to its average volume of 106,711. The company has a market capitalization of $41.07 million, a P/E ratio of 1.12 and a beta of 0.80. Elutia has a 52 week low of $0.50 and a 52 week high of $2.64. The firm’s 50-day moving average is $1.08 and its two-hundred day moving average is $0.95.

Elutia (NASDAQ:ELUT) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02). The business had revenue of $3.11 million during the quarter, compared to analysts’ expectations of $3.00 million.

About Elutia

Elutia, Inc is a biopharmaceutical company focused on the development of novel nitric oxide therapies based on its proprietary polymeric nitric oxide platform. This technology is designed to enable sustained, controlled release of nitric oxide to targeted tissues, potentially overcoming the delivery challenges associated with gaseous nitric oxide and small‐molecule donors.

The company’s lead program is in preclinical development for pulmonary arterial hypertension, with additional research efforts aimed at other cardiovascular and respiratory conditions.